Skip to main content

Market Overview

Report: Facebook Working On Potential Rival To YouTube

Share:
Report: Facebook Working On Potential Rival To YouTube

According to a report by the New York Post, Facebook Inc (NASDAQ: FB) is working on a potential service to compete against Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)'s YouTube platform.

The New York Post suggested that Facebook is "searching for fresh ways to work with the music industry," and hopes to leverage its massive global network of 1.59 billion users to try and steal market share away from music fans that flock to YouTube's platform.

The publication added that YouTube's estimated $8.5 billion revenue base is "just too enticing" for the social media platform.

Related Link: MKM Cuts Twitter's Target To $14, Bearish on Lack Of Management Focus On Moments

Facebook did confirm on Sunday it was exploring a new product called Slideshow that includes music partners such as Warner Music Group.

"We are always testing ways to help people better share their stories with friends," a spokesperson for Facebook told the New York Post. "Slideshows are a new way for people to share photos and videos in a creative and succinct way. To date, we've been using Facebook-owned music to accompany these slideshows, we will now be testing the use of a limited amount of music from Warner Music Group as soundtrack options."

"Facebook is trying to figure out how to keep video as part of its experience," a source familiar with the talks also told the publication. "They're looking for a way to take photos, add licensed music and share it with friends."

Minutes after Monday's open, Facebook was down 1.22 percent at $118.35.

 

Related Articles (GOOG + FB)

View Comments and Join the Discussion!

Posted-In: Facebook Facebook MusicLong Ideas News Rumors Movers Tech Trading Ideas Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com